New York, NY
After 35 years of ownership, Christen Portelli and Joshua Goldflam, both managing principals of Highcap Group, have sold two buildings near Union Sq., 827-829 Broadway (aka 47 East 12th St.) and 831 Broadway. The two contiguous four-story mixed-use elevator buildings form an L shape from Broadway to East 12th St. with 35,000 s/f plus air rights sold to Quality Capital & Caerus Group for $60 million.
The loft style properties with grand floor to ceiling windows, known as La Belle Epoque, were owned and operated by Howard Kaplan, an antique dealer and designer, along with his partners. The historic name came from the ballroom soirees that were held in the Parisian decorated second floor. Presently, there are two levels of retail with 75’ of frontage on Broadway and residential units on the upper floors.
Christen Portelli, Highcap Group
Joshua Goldflam, Highcap Group
Portelli and Goldflam represented the seller and purchaser in this off market transaction. Goldberg, Weprin, Finkel & Goldstein LLP and Meridian Capital were also involved in the deal. Portelli and Goldflam said, “The purchaser has an incredible opportunity to reposition the assets and utilize the air rights while maintaining the incredible architectural features of the iconic properties.”